A bridge loan is a short-term loan that helps you buy your next home — without having to sell your current one first.
It’s a great solution if you don’t qualify for two mortgages, or if you do qualify but don’t want to make two mortgage payments at the same time. Bridge loans can give you the buying power to move quickly – often with no down payment and 100% financing – so you can make a strong offer without waiting to sell your current home. They’re especially helpful for avoiding the hassle of moving twice or rushing to sell – giving you time, flexibility, and peaace of mind while you transition from one home to the next.
May not require a down payment
No pre-payment penalties
Payments deferred for up to 6 months
Make a noncontingent offer
1,000+ Families Have Trusted First Bank’s Bridge Loan To Make Their Move Easier.
Who Could Benefit From a Bridge Loan?
- Buyers who don’t qualify for a new home with 2 mortgages
- Buyers who do qualify with 2 mortgages but could benefit from deferring the new home payment for 6 months
- Buyers who need the equity from their current home to use on the down payment of the new home
- Buyers who don’t want to liquidate assets for the down payment of the new home
- Buyers who want to move but have money tied up in the equity of the current house
- Buyers who need to relocate quickly and can’t wait for the existing home to sell
- Buyers making improvements before selling the home and already have a new home already picked out
How a Bridge Loan Works
- A 6-month interest only Bridge Loan is funded for the agreed purchase price of the new home
- No down payment is required on a purchase price up to $806,500 and 720+ credit scores
- A lien is placed on the both properties – the one being bought and the one being sold
- No payments are required for up to 6 months, however deferred interest accrues
- Buyer’s Bridge Loan approval is based on their ability to qualify after their current home is sold and/or their current’s home equity
- Out of state collateral properties are acceptable within certain parameter
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